Commercial Versus Residential Mortgages: What Are the Differences?
Owning your own business is a long-standing dream for many, but once you’ve accomplished it, the hard work doesn’t stop. Chances are you’ll want to see your venture grow, and the bigger it becomes, the more there is for you to consider.
It may get to a point where you’re looking at purchasing rather than renting suitable business premises. It’s a big step to take, and one you should educate yourself on before going ahead. So what do you need to know?
One of the biggest mistakes business owners make pre-purchase is assuming that commercial property mortgages function in much the same way as their residential counterparts. Unfortunately, this is not the case, and it’s something you ought to be aware of. Here are just a few of the ways the two differ.
Lending criteria
When yo...